TRANSPORTATION
TRANSPORTATION
Business Update : New Jersey ’ s Path to Enhanced Infrastructure
In Commerce Magazine ’ s February 2023 issue , we delved into the anticipated benefits that the Infrastructure Investment and Jobs Act ( IIJA ), signed into law in 2021 , would bring to New Jersey . As we now look back on a busy and exciting year , I ’ d like to reiterate the Act ’ s key points and spotlight some of this year ’ s expenditures .
The IIJA ’ s Impact on New Jersey
The bipartisan IIJA , enacted in November 2021 , authorized approximately $ 1.2 trillion in much-needed infrastructure investment throughout the nation , encompassing both project funding and overall infrastructure improvement . This includes more than $ 12 billion for New Jersey over six years .
Crucially , the IIJA represents a significant departure from previous infrastructure funding models , where funds were primarily drawn from the Transportation Trust Fund and the Department of Transportation Budget . The IIJA signals a substantial federal commitment to both New Jersey ’ s and our national infrastructure , distinct and in addition to existing funding sources .
The Act ’ s timely arrival was particularly pertinent given the deteriorating state of New Jersey ’ s infrastructure , including hundreds of aging bridges and roadways . Moreover , external factors such as climate change and cyber-attacks pose additional threats to these critical assets . The IIJA ’ s designated funding provides a much-needed lifeline to address these pressing concerns , while bringing multiple years of what are essentially “ recession-resistant ” investments into the state .
A Historical Investment in Infrastructure
The IIJA marks the largest infrastructure investment in the United States since the construction of the Interstate highway system in the 1950s under President Eisenhower . As noted in my February update , the lifespan of most roadways and bridges is approximately 50 years , and the increasing population and vehicle traffic necessitate large-scale infrastructure improvements .
The Act ’ s benefits extend beyond roads and bridges , encompassing other foundational infrastructure that supports the Garden State ’ s
Continued
Gary Dahms , President and CEO of T & M Associates
Some of the funds from the Infrastructure Investment and Jobs Act ( IIJA ) will be allocated for use upgrading New Jersey roads and bridges .
Photo : Getty Images / iStockphoto / i-Stockr
Photo : Getty Images / iStockphoto / Wirestock
January , 2024 COMMERCE 15